百勝餐飲集團 (YUM) 2022 Q4 法說會逐字稿

Hello, everyone, and welcome to the Yum! Brands, Inc. 2022 Fourth Quarter Earnings Conference Call. My name is Charlie and I'll be coordinating the call today. (Operator Instructions)

大家好，歡迎來到百勝！ Brands, Inc. 2022 年第四季度收益電話會議。我叫查理，今天我將負責協調電話會議。 （操作員說明）

I will now hand over to your host, Gavin Felder, Chief Strategy Officer and Interim Head of Investor Relations, to begin. Gavin, please go ahead.

我現在將交給你的東道主，首席戰略官兼投資者關係臨時主管 Gavin Felder 開始。加文，請繼續。

Thanks, operator. Good morning, everyone, and thank you for joining us. As a reminder, I will be covering for Jodi Dyer while she is on maternity leave. On our call today are David Gibbs, our CEO; Chris Turner, our CFO; and Dave Russell, our Senior Vice President and Corporate Controller. Following remarks from David and Chris, we'll open the call to questions.

謝謝，運營商。大家早上好，感謝您加入我們。提醒一下，我將在 Jodi Dyer 休產假期間為其代言。今天接聽我們電話的是我們的首席執行官 David Gibbs；我們的首席財務官 Chris Turner；和我們的高級副總裁兼公司財務總監 Dave Russell。在 David 和 Chris 發言後，我們將開始提問。

Before we get started, please note that this call includes forward-looking statements that are subject to future events and uncertainties that could cause our actual results to differ materially from these statements. All forward-looking statements are made only as of the date of this call and should be considered in conjunction with the cautionary statements in our earnings release and the risk factors included in our filings with the SEC. In addition, please refer to our earnings release and relevant sections of our filings with the SEC to find disclosures, definitions and reconciliations of non-GAAP financial measures and other metrics used on today's call.

在我們開始之前，請注意本次電話會議包含前瞻性陳述，這些陳述受未來事件和不確定因素的影響，可能導致我們的實際結果與這些陳述存在重大差異。所有前瞻性陳述僅在本次電話會議召開之日作出，應與我們的收益發布中的警示性陳述以及我們提交給美國證券交易委員會的文件中包含的風險因素一起考慮。此外，請參閱我們的收益發布和我們提交給美國證券交易委員會的文件的相關部分，以查找非 GAAP 財務指標的披露、定義和對賬以及今天電話會議中使用的其他指標。

Please note that during today's call, all system sales growth and operating profit growth results exclude the impact of foreign currency. Please also note the following financial reporting treatment related to our exit from Russia. As a reminder, as of the beginning of the second quarter, we elected to remove the Russia business from key performance metrics.

請注意，在今天的電話會議中，所有系統銷售增長和營業利潤增長結果都排除了外彙的影響。另請注意以下與我們退出俄羅斯相關的財務報告處理。提醒一下，從第二季度開始，我們選擇將俄羅斯業務從關鍵績效指標中刪除。

For the purposes of this call, all references to system sales growth and unit growth results for the quarter are adjusted to remove our Russia business from the prior year base. This negatively impacted our worldwide unit growth by 2 percentage points and our worldwide system sales growth for both the fourth quarter and the full year by 2 percentage points. These units were removed from our same-store sales calculations and thus did not impact same-store sales results for the fourth quarter or full year.

出於本次電話會議的目的，本季度系統銷售增長和單位增長結果的所有參考都進行了調整，以將我們的俄羅斯業務從去年的基數中移除。這對我們的全球單位增長產生了 2 個百分點的負面影響，並對我們第四季度和全年的全球系統銷售額增長產生了 2 個百分點的負面影響。這些單位已從我們的同店銷售計算中刪除，因此不會影響第四季度或全年的同店銷售結果。

All GAAP figures reported continue to include the impact of Russia operations for KFC for the full quarter and year, and for Pizza Hut prior to our transfer of that business to a local operator in the second quarter. These GAAP figures primarily include royalty revenues from continued franchise operations and G&A to support our Russia business. Additionally, our GAAP G&A includes expenses incurred relating to the transfer of ownership of the business.

報告的所有 GAAP 數據繼續包括俄羅斯業務對肯德基整個季度和全年的影響，以及對我們在第二季度將該業務轉讓給當地運營商之前的必勝客的影響。這些 GAAP 數據主要包括來自持續特許經營業務的特許權使用費收入和支持我們俄羅斯業務的 G&A。此外，我們的 GAAP G&A 包括與業務所有權轉讓相關的費用。

As a result of our decision to exit our Russia business, we have reclassed net operating profits from the operating segments in which they are earned subsequent to the start of the conflict to corporate and unallocated and reflected those net operating profits as a special item within the other income and expense line.

由於我們決定退出我們的俄羅斯業務，我們已將衝突開始後獲得的經營部門的淨營業利潤重新分類為公司和未分配，並將這些淨營業利潤作為特殊項目反映在其他收入和支出項目。

For more information on our reporting calendar for each market, please visit the Financial Reports section of our website. We are broadcasting this conference call via our website. This call is also being recorded and will be available for playback. Looking ahead, our first quarter earnings will be released on May 3, 2023, with the conference call on the same day.

有關每個市場的報告日曆的更多信息，請訪問我們網站的財務報告部分。我們正在通過我們的網站播放本次電話會議。此通話也正在錄製中，並且可以播放。展望未來，我們將於 2023 年 5 月 3 日發布第一季度財報，並於同一天召開電話會議。

Now I'd like to turn the call over to David Gibbs.

現在我想把電話轉給 David Gibbs。

Thank you, Gavin, and good morning, everyone. 2022 truly was a landmark year for Yum!. In spite of the challenges from significant spikes in commodity inflation and pockets of labor shortages, our world-class teams and franchisees partnered together to deliver another year of amazing growth.

謝謝你，加文，大家早上好。 2022 年對百勝而言確實是具有里程碑意義的一年！儘管商品通脹大幅飆升和勞動力短缺帶來挑戰，但我們的世界級團隊和特許經營商攜手合作，實現了又一年的驚人增長。

We achieved record-breaking industry development, opening 4,560 gross units that translated to nearly 3,100 net new units, beating our prior record set just last year and ending the year with over 55,000 restaurants globally. For the full year, system sales were up 8% and core operating profit was up 6%, which includes a 2-point headwind from the removal of Russia profits this year.

我們實現了破紀錄的行業發展，新開了 4,560 家餐廳，相當於近 3,100 家淨新餐廳，打破了我們去年創下的紀錄，年底在全球擁有超過 55,000 家餐廳。全年，系統銷售額增長 8%，核心營業利潤增長 6%，其中包括今年俄羅斯利潤減少帶來的 2 個百分點的逆風。

Perhaps the most impressive performance came from Taco Bell, finishing 2022 with same-store sales growth of 8%. Taco Bell also bucked the industry trend on margins, holding company operated margins flat from last year despite elevated industry-wide cost pressure. KFC International delivered a record year, opening approximately 2,400 gross units and nearly 2,000 net new units, translating to 9% unit growth. Combined, these 2 parts of the business account for approximately 80% of our divisional operating profit.

也許最令人印象深刻的表現來自 Taco Bell，到 2022 年，同店銷售額增長了 8%。 Taco Bell 在利潤率方面也逆勢而行，儘管全行業成本壓力上升，但控股公司的經營利潤率與去年持平。肯德基國際創造了創紀錄的一年，開設了約 2,400 個總單位和近 2,000 個淨新單位，轉化為 9% 的單位增長。這兩部分業務加起來約占我們部門營業利潤的 80%。

We finished the year on a high note with system sales growth of 10% in Q4, driven by 6% same-store sales growth and 6% unit growth, contributing to 22% core operating profit growth, which includes a 2-point headwind from the removal of Russia profits this year.

我們以高調結束了這一年，第四季度系統銷售額增長了 10%，這得益於 6% 的同店銷售額增長和 6% 的單位增長，促成了 22% 的核心營業利潤增長，其中包括 2 個百分點的逆風今年去除俄羅斯的利潤。

Such incredible performance under highly challenging conditions underscores the tremendous confidence I have that even after a remarkable 25 years of growth as a public company, our best days are clearly ahead of us.

在極具挑戰性的條件下取得如此令人難以置信的業績，凸顯了我的巨大信心，即即使在作為一家上市公司經歷了 25 年的非凡增長之後，我們最好的日子顯然還在前面。

Before I discuss our 2022 results in detail, I wanted to give a brief update on our planned exit from Russia. As mentioned during our Q3 call, we have a signed purchase agreement to transfer ownership of our Russian KFC restaurants, operating system and master franchise rights to an existing KFC Russia franchisee. We expect the transaction to close following satisfaction of all closing conditions. Following the closing, we will have ceased our corporate presence in Russia.

在詳細討論我們 2022 年的結果之前，我想簡要介紹一下我們計劃退出俄羅斯的最新情況。正如我們在第三季度電話會議中提到的那樣，我們簽署了一份購買協議，將我們俄羅斯肯德基餐廳的所有權、操作系統和主特許經營權轉讓給現有的肯德基俄羅斯特許經營商。我們預計交易將在滿足所有成交條件後完成。關閉後，我們將停止在俄羅斯開展業務。

I also want to acknowledge the devastating impact of the earthquake that happened earlier this week, affecting our teams in Turkey. Our people remain our #1 priority, and I want to recognize the effort from our franchisee, Ilkem Sahin, as he and his team worked to prioritize people's safety as they navigate through this tragedy.

我還想承認本週早些時候發生的地震造成的破壞性影響，影響了我們在土耳其的團隊。我們的員工仍然是我們的第一要務，我想感謝我們的加盟商 Ilkem Sahin 所做的努力，因為他和他的團隊在度過這場悲劇的過程中努力將人們的安全放在首位。

As we shared at our recent Investor Day, our strategy is guided by our Recipe for Good Growth. And today, we will discuss our 2022 results through the lens of that framework. I will talk about 2 of our growth drivers: namely our Relevant, Easy and Distinctive Brands, or R.E.D. for short; and our Unrivaled Culture and Talent. Then I'll provide an update on our efforts to drive the good agenda across our brands and our business. Chris will then share the details of our fourth quarter financial results before discussing our Bold Restaurant Development and Unmatched Operating Capabilities growth drivers.

正如我們在最近的投資者日分享的那樣，我們的戰略以我們的良好增長秘訣為指導。今天，我們將通過該框架的視角討論 2022 年的結果。我將談談我們的兩個增長動力：即我們的相關、簡單和獨特的品牌，或 R.E.D.簡而言之；以及我們無與倫比的文化和人才。然後，我將介紹我們為推動我們品牌和業務的良好議程所做的努力的最新情況。在討論我們大膽的餐廳開發和無與倫比的運營能力增長驅動因素之前，克里斯將分享我們第四季度財務業績的詳細信息。

I'll start by discussing our iconic R.E.D. brands. Beginning with the KFC division, which accounts for 49% of our divisional operating profit. KFC full year 2022 system sales grew 9%, driven by 7% unit growth and 4% same-store sales growth. Q4 system sales for KFC increased 10%, thanks to 7% unit growth and 5% same-store sales growth. Results were unfavorably impacted by COVID-related challenges in China. Excluding China, our KFC business continues to grow at an unbelievable pace with same-store sales growing 9% in the quarter, driven in part by our world-class franchisees and continued impressive momentum in our emerging markets.

我將從討論我們標誌性的 R.E.D. 開始。品牌。首先是肯德基部門，該部門占我們部門營業利潤的 49%。肯德基 2022 年全年系統銷售額增長 9%，受單位增長 7% 和同店銷售額增長 4% 的推動。由於 7% 的單位增長和 5% 的同店銷售額增長，肯德基第四季度的系統銷售額增長了 10%。結果受到中國 COVID 相關挑戰的不利影響。除中國外，我們的肯德基業務繼續以令人難以置信的速度增長，本季度同店銷售額增長 9%，部分原因是我們的世界級特許經營商以及我們在新興市場的持續強勁勢頭。

At KFC's International business, which represents 44% of our divisional operating profit, Q4 system sales grew 11%. Several markets showed stellar results. In Japan, for example, KFC is synonymous with the Christmas holiday family meal. And this year, Japan system sales over the Christmas period grew 16% year-over-year. Africa drove double-digit same-store sales growth in the quarter and continues to benefit from several customer-facing digital initiatives. To build on that success, our South Africa team will continue to roll out kiosks with a goal of installing them in 95% of our stores by 2023.

在占我們部門營業利潤 44% 的肯德基國際業務中，第四季度系統銷售額增長了 11%。幾個市場表現出色。例如在日本，肯德基就是聖誕假期家庭聚餐的代名詞。而今年，日本聖誕節期間的系統銷售額同比增長了 16%。非洲在本季度推動了兩位數的同店銷售額增長，並繼續受益於多項面向客戶的數字計劃。為了取得成功，我們的南非團隊將繼續推出自助服務亭，目標是到 2023 年在我們 95% 的商店中安裝自助服務亭。

Moving on to our Taco Bell division, which represents 35% of our divisional operating profit. On a global basis, full year system sales grew 11%, driven by 8% same-store sales growth and 5% unit growth. This team continues to deliver industry-leading results, and coupled with the incredible array of talent in place and our strong franchisee partnerships, it should be no surprise that Taco Bell earned the top spot on Entrepreneur magazine's Franchise 500 Ranking for the third year running.

轉到我們的 Taco Bell 部門，該部門占我們部門營業利潤的 35%。在全球範圍內，受同店銷售額增長 8% 和單位銷售額增長 5% 的推動，全年系統銷售額增長 11%。該團隊繼續提供行業領先的成果，再加上令人難以置信的人才隊伍和我們強大的加盟商合作夥伴關係，Taco Bell 連續第三年在《企業家》雜誌的特許經營 500 強排行榜上名列前茅也就不足為奇了。

Moving on to our fourth quarter results. Taco Bell U.S. grew system sales 14%, underpinned by an exceptional 11% same-store sales growth. The powerful momentum from previous quarters continued with the relaunch of the cult classic Mexican Pizza for which we provided early access to our loyalty members. We ended the year with around 45 million Mexican Pizzas sold, an impressive number considering they were only available for 4 months of the year.

繼續我們的第四季度業績。 Taco Bell U.S. 在同店銷售額 11% 的異常增長的支撐下，系統銷售額增長了 14%。前幾個季度的強勁勢頭隨著我們為忠誠會員提供搶先體驗的經典墨西哥比薩餅的重新推出而得以延續。到年底，我們售出了大約 4500 萬份墨西哥比薩餅，考慮到它們一年中只有 4 個月有售，這個數字令人印象深刻。

We also made encouraging progress in our breakfast layer, building on high-profile branding partnerships such as Doja Cat in Q1 and Davante Adams in Q3. Taco Bell brought in Pete Davidson to help drive consumer buzz for breakfast. This led to 9% transaction growth for the daypart. Overall, Taco Bell did a terrific job this quarter at balancing both ends of the consumer spectrum by featuring premium products that our consumers crave, such as the Grilled Cheese Burrito with sharply priced items like Nacho Fries.

我們還在早餐層取得了令人鼓舞的進展，建立了備受矚目的品牌合作夥伴關係，例如第一季度的 Doja Cat 和第三季度的 Davante Adams。塔可鐘聘請了皮特戴維森來幫助推動消費者對早餐的熱議。這導致當天時段的交易量增長了 9%。總的來說，塔可鐘本季度在平衡消費者範圍的兩端方面做得非常出色，推出了我們消費者渴望的優質產品，例如烤奶酪捲餅和炸玉米餅等價格高昂的商品。

At Taco Bell International, Q4 system sales grew 23%, driven by 29% unit growth and 4% same-store sales growth. Q4 closed a truly breakthrough year for our international business, which has now crossed the 1,000-unit mark. To put this speed into some historical context, Taco Bell International has built 40% of its current estate within the last 2 years. It wasn't just our development engine on fire this year, many of our markets reached double-digit same-store sales growth in 2022, including some of our largest markets with India, up 33%; Thailand, up 36%; and Spain, up 20%.

在 Taco Bell International，第四季度系統銷售額增長了 23%，這得益於 29% 的單位增長和 4% 的同店銷售額增長。第 4 季度結束了我們國際業務真正突破的一年，現已突破 1,000 台大關。將這種速度置於某些歷史背景下，Taco Bell International 在過去 2 年內建造了其現有資產的 40%。今年不僅我們的發展引擎火力全開，我們的許多市場在 2022 年也實現了兩位數的同店銷售額增長，其中包括我們在印度的一些最大市場，增長了 33%；泰國，增長 36%；和西班牙，增長 20%。

Next, at the Pizza Hut division, which accounts for 16% of our divisional operating profit, our full year system sales grew 3%, led by 4% unit growth and flat same-store sales growth. Pizza Hut International, which accounts for 9% of our divisional operating profit, achieved system sales growth of 4%, driven by 6% unit growth and a 1% decline in same-store sales in the fourth quarter. Results were heavily impacted by the ongoing COVID-related challenges in China. Ex-China, our same-store sales remained healthy, growing 4%.

接下來，在占我們部門營業利潤 16% 的必勝客部門，我們的全年系統銷售額增長了 3%，單位銷售額增長了 4%，同店銷售額增長持平。占我們部門營業利潤 9% 的必勝客國際實現了 4% 的系統銷售額增長，這得益於第四季度 6% 的單位增長和 1% 的同店銷售額下降。結果受到中國持續的 COVID 相關挑戰的嚴重影響。中國除外，我們的同店銷售額保持健康，增長 4%。

Several markets showed noticeable strength, including Japan, where same-store sales grew 10%, owing to a strong holiday performance and recent product launch of Tuscani pasta bowls that featured a local flavored twist. At Pizza Hut U.S., which accounts for 7% of our divisional operating profit, Q4 system sales grew 5%, driven by 4% same-store sales growth and flat unit growth. The strength in the quarter was driven by a combination of factors that included new advertising to highlight both premium and value offerings, growth partnerships with aggregators and the success of the new Melts product. Melts over-indexed to predinner time frames and individual occasion tickets and helped to recover the lower household income base due to its strong value proposition. Lastly, 5 distinct national marketing campaigns on Uber Eats and DoorDash helped aggregator transactions grow 30% in the quarter.

幾個市場表現出明顯的強勁勢頭，包括日本，同店銷售額增長了 10%，這要歸功於假期表現強勁以及最近推出的具有當地風味的托斯卡尼意大利麵碗產品。在占我們部門營業利潤 7% 的必勝客美國，第四季度系統銷售額增長 5%，受同店銷售額增長 4% 和單位增長持平的推動。本季度的強勁表現是由多種因素共同推動的，其中包括突出優質和超值產品的新廣告、與聚合商的增長合作夥伴關係以及新 Melts 產品的成功。融合了餐前時間框架和個人場合門票的過度索引，並由於其強大的價值主張幫助恢復了較低的家庭收入基礎。最後，在 Uber Eats 和 DoorDash 上開展的 5 項不同的全國營銷活動幫助聚合交易在本季度增長了 30%。

Lastly, at the Habit Burger Grill, the team continues to make progress on setting up the business for long-term growth. Habit's burgeoning digital channel finished the year strong with digital mix ending at 35%, a truly impressive level after only launching in 2020. I'm pleased to share that Habit is now 18% franchised, which is up 5 points from last year. With $2 million average unit volumes and a compelling growth strategy, I'm confident in the long-term growth of our newest brand.

最後，在 Habit Burger Grill，團隊繼續在建立業務以實現長期增長方面取得進展。 Habit 蓬勃發展的數字渠道以 35% 的數字組合結束了這一年，這是在 2020 年才推出後的一個真正令人印象深刻的水平。我很高興與大家分享，Habit 現在有 18% 的特許經營權，比去年上升了 5 個百分點。憑藉 200 萬美元的平均單位銷量和引人注目的增長戰略，我對我們最新品牌的長期增長充滿信心。

And now on to our Unrivaled Culture and Talent Growth drivers. Our hallmark at Yum! continues to be our people first culture, which drives retention and recruitment of amazing talent. Highlights in 2022 included bringing our top 250 leaders from around the world together for a Global Leadership Summit and celebrating the important role our world-class talent has played as we marked our 25th anniversary as a publicly traded company.

現在談談我們無與倫比的文化和人才成長驅動因素。我們在百勝的標誌！仍然是我們以人為本的文化，它推動了優秀人才的保留和招聘。 2022 年的亮點包括讓我們來自世界各地的 250 位頂級領導人齊聚一堂，參加全球領導力峰會，並慶祝我們的世界級人才在我們作為一家上市公司成立 25 週年之際發揮的重要作用。

Internally, we continued to promote talent naming a President of the Habit Burger Grill and a new President of KFC U.S. Externally, we attracted top talent, welcoming a new Global Chief Brand Officer for Taco Bell, a new Global Chief Operating and Transformation Officer for Pizza Hut and a new Chief Corporate Affairs Officer for Yum!.

對內，我們繼續提拔人才，任命 Habit Burger Grill 總裁和美國肯德基新總裁。對外，我們吸引了頂尖人才，歡迎 Taco Bell 新任全球首席品牌官，Pizza 新任全球首席運營和轉型官Hut 和百勝的新首席企業事務官！

When it comes to all the good we do, we released our 2021 Recipe for Good report during the year, detailing our strong progress around our 3 priority areas. With our science-based targets to decrease greenhouse gas emissions by 46% by 2030, we decreased emissions against our 2019 baseline by approximately 24% for company-owned buildings and our corporate restaurants, while our franchisees decreased emissions by 20%.

談到我們所做的所有善事，我們在這一年發布了 2021 年行善秘訣報告，詳細介紹了我們在 3 個優先領域取得的巨大進展。我們基於科學的目標是到 2030 年將溫室氣體排放量減少 46%，與 2019 年的基準相比，我們將公司自有建築和公司餐廳的排放量減少了約 24%，而我們的特許經營商的排放量減少了 20%。

Regarding better packaging, we published a new global harmonized packaging policy with a focus on eliminating unnecessary packaging, shifting to more sustainable materials and supporting better recovery and recycling systems. We increased the number of women in senior leadership globally to 42%, which keeps us on track to achieve gender parity and leadership globally by 2030 in alignment with Paradigm for Parity.

關於更好的包裝，我們發布了一項新的全球統一包裝政策，重點是消除不必要的包裝，轉向更可持續的材料，並支持更好的回收和再循環系統。我們將全球高級領導層中的女性人數增加到 42%，這使我們能夠按照平等範式，在 2030 年之前在全球範圍內實現性別平等和領導力。

We were pleased Yum! received industry-leading rankings on the carbon disclosure project and inclusion on the 2022 Dow Jones Sustainability Index North America, the 2023 Bloomberg Gender-Equality Index and Newsweek's list for America's Most Responsible Companies and America's Greatest Workplaces for Diversity.

我們很高興百勝！在碳披露項目上獲得行業領先的排名，併入選 2022 年北美道瓊斯可持續發展指數、2023 年彭博社性別平等指數和《新聞周刊》美國最負責任的公司和美國最適合多元化的工作場所名單。

To wrap up, I'm thrilled with our 2022 performance, particularly given many of the unpredictable obstacles our team had to navigate. Our results continue to reflect a resilient, diversified business and the strength of our portfolio, led by our iconic brands. I'm confident we will continue to execute with superior performance and deliver industry-leading growth, all of which will help to maximize value to our shareholders.

總而言之，我對我們 2022 年的表現感到興奮，特別是考慮到我們的團隊必須克服許多不可預測的障礙。我們的業績繼續反映了我們以標誌性品牌為首的富有彈性的多元化業務以及我們產品組合的實力。我相信我們將繼續以卓越的績效執行並實現行業領先的增長，所有這些都將有助於為我們的股東實現價值最大化。

With that, Chris, over to you.

有了這個，克里斯，交給你了。

Thank you, David, and good morning, everyone. Today, I'll discuss our financial results, our Bold Restaurant Development and Unmatched Operating Capability growth drivers, followed by our capital strategy. As David mentioned, 2022 was a year of huge milestones for Yum!. The resilience and winning mindset shown by our teams around the world helped us open a record-breaking 4,560 gross units or 3,076 net new units on a full year basis. These development numbers put full year unit growth at 6%. System sales for the year grew 8%, driven by strong international same-store sales growth for KFC and another stellar performance from Taco Bell. Full year core operating profit grew 6%, which includes a 2-point headwind from the removal of Russia profits this year.

謝謝你，大衛，大家早上好。今天，我將討論我們的財務業績、我們大膽的餐廳開發和無與倫比的運營能力增長驅動因素，然後是我們的資本戰略。正如大衛所提到的，2022 年對百勝而言是具有重大里程碑意義的一年！我們在世界各地的團隊所表現出的韌性和必勝心態幫助我們全年開設了破紀錄的 4,560 個總單位或 3,076 個淨新單位。這些發展數字使全年單位增長率為 6%。受肯德基強勁的國際同店銷售增長和塔可鐘的另一項出色表現的推動，今年的系統銷售額增長了 8%。全年核心營業利潤增長 6%，其中包括今年俄羅斯利潤減少帶來的 2 個百分點的逆風。

Fourth quarter system sales growth of 10% was in line with the update we shared at our Investor Day, driven by 6% same-store sales growth and 6% unit growth. Core operating profit grew 22%, which includes a 2-point headwind from the removal of Russia profits this year. Reported operating profit included a negative $42 million foreign currency translation impact in the fourth quarter and a negative $118 million impact to the full year.

第四季度系統銷售額增長 10% 與我們在投資者日分享的更新一致，這得益於 6% 的同店銷售額增長和 6% 的單位增長。核心營業利潤增長 22%，其中包括今年俄羅斯利潤減少帶來的 2 個百分點的逆風。報告的營業利潤包括第四季度 4200 萬美元的外幣換算負影響和 1.18 億美元的全年負影響。

Ex special general and administrative expenses came in at $357 million and approximately $1.1 billion for the full year. Taco Bell store level margins were 23%, flat year-over-year. Taco Bell paid additional discretionary bonuses to its store-level employees, given the strong performance for the year, which impacted quarterly margins by approximately 50 basis points. Taco Bell's full year store level margin was 24%, near the upper end of its 23% to 24% historical pre-COVID margin range.

不包括特殊一般和行政費用為 3.57 億美元，全年約為 11 億美元。 Taco Bell 門店層面的利潤率為 23%，同比持平。鑑於今年的強勁業績，Taco Bell 向其門店級員工支付了額外的酌情獎金，這對季度利潤率產生了大約 50 個基點的影響。 Taco Bell 的全年門店利潤率為 24%，接近 COVID 前 23% 至 24% 的歷史利潤率範圍的上限。

Fourth quarter ex special EPS was $1.31, a 29% increase versus the prior year. EPS growth was positively impacted by core operating profit growth of 22% and a lower current year tax rate. This was partially offset by the year-over-year impact of a current year mark-to-market loss on our equity investment in a franchisee in India, lapping a prior year gain as well as the aforementioned negative impact of foreign currency. The ex special tax rate in the quarter was 12%, due in large part to the release of a valuation allowance associated with deferred tax assets that we now believe we will be able to utilize. Our full year ex special tax rate was 21%, in line with our full year expectations of 21% to 23%.

第四季度不計特殊每股收益為 1.31 美元，比上年增長 29%。每股收益增長受到核心營業利潤增長 22% 和較低的當年稅率的積極影響。這部分被當年按市值計算的損失對我們在印度一家特許經營商的股權投資的同比影響、上一年的收益以及上述外彙的負面影響所抵消。本季度的前特殊稅率為 12%，這在很大程度上是由於釋放了與遞延稅資產相關的估值津貼，我們現在相信我們將能夠利用這些津貼。我們的全年除特殊稅率為 21%，符合我們 21% 至 23% 的全年預期。

Now let me share greater detail on our fourth quarter unit growth in the context of our Bold Restaurant Development growth driver. This quarter, we opened 1,830 gross new units, resulting in 4,560 gross units opened for the full year or the equivalent of more than 1 new restaurant every 2 hours. Nearly 90% of new store openings in 2022 occurred outside the United States across 112 countries, proof that our diversified development engine is stronger than ever.

現在讓我在大膽的餐廳開發增長動力的背景下分享我們第四季度單位增長的更多細節。本季度，我們新開了 1,830 家新店，全年新開 4,560 家，相當於每 2 小時就有超過 1 家新餐廳開業。 2022 年近 90% 的新店開張發生在美國以外的 112 個國家，證明我們的多元化發展引擎比以往任何時候都更強大。

Starting with KFC, the team opened 997 gross new units in the fourth quarter with China, India and Thailand leading the charge. The Pizza Hut division had incredible development results, opening 571 gross new units in Q4 with 5 countries contributing more than 25 units, namely India, Indonesia, Canada, China and Turkey. The Taco Bell division opened 253 gross new units in Q4 and 496 restaurants for the full year. In fact, Taco Bell U.S. opened 250 gross new units this year, the second highest annual amount ever.

從肯德基開始，該團隊在第四季度開設了 997 家新店，其中中國、印度和泰國處於領先地位。必勝客部門取得了令人難以置信的發展成果，在第四季度開設了 571 個新單位，其中 5 個國家貢獻了超過 25 個單位，即印度、印度尼西亞、加拿大、中國和土耳其。 Taco Bell 部門在第四季度開設了 253 家新店，全年開設了 496 家餐廳。事實上，美國塔可鐘今年新開了 250 家新店，是有史以來第二高的年度數量。

For 2022, Taco Bell International set a record with 246 gross new units, exceeding the prior record of 179 units set last year. I'm thrilled to report we crossed the 1,000 Taco Bell unit threshold internationally and we soon expect to have 4 countries that have over 100 units with China joining Spain, India and the U.K.

2022 年，Taco Bell International 創造了 246 個新單位的紀錄，超過了去年創下的 179 個單位的紀錄。我很高興地報告我們在國際上突破了 1,000 個 Taco Bell 單位的門檻，我們很快預計將有 4 個國家擁有超過 100 個單位，中國加入西班牙、印度和英國的行列。

Lastly, Habit added 33 gross new units in 2022, representing a year-over-year growth rate of 10%. This level of growth, which includes a significant number of company-owned units create some short-term noise in company-owned restaurant margins due to the inclusion of preopening expenses and the depressed margins that are normal during the initial months of operations before new stores reach maturity. Average margins for Habit stores opened more than a year remain much stronger than our overall reported Habit company store margin.

最後，Habit 在 2022 年增加了 33 個新單位，同比增長率為 10%。這種增長水平，包括大量公司自有單位，由於包括開業前費用和新店開業最初幾個月正常的低利潤率，對公司自有餐廳的利潤率產生了一些短期影響達到成熟。開業超過一年的習慣商店的平均利潤率仍然比我們報告的習慣公司商店利潤率整體高得多。

To finish with development, as we head into 2023, we remain confident that we will maintain our strong momentum. We exited 2022 with record site registrations for new units at Taco Bell U.S., and we have over 80% of 2023 planned units at KFC and Pizza Hut outside of China committed with well-capitalized, growth-ready franchise partners.

為了完成發展，在我們進入 2023 年之際，我們仍然有信心保持強勁勢頭。到 2022 年，我們在美國塔可鐘 (Taco Bell U.S.) 的新單位的現場註冊創紀錄，我們在肯德基和中國境外的必勝客計劃的 2023 年單位中，有超過 80% 與資本充足、準備好增長的特許經營合作夥伴承諾。

Next, I'll discuss our unmatched operating capabilities and the 3 pillars of our digital strategy: Easy Experiences, Easy Operations and Easy Insights. I'll start with an update on our Easy Experiences pillar, which focuses on delivering seamless customer experiences through proprietary technology and dedicated operational programs.

接下來，我將討論我們無與倫比的運營能力和我們數字戰略的三大支柱：輕鬆體驗、輕鬆運營和輕鬆洞察。我將從我們的 Easy Experiences 支柱的更新開始，它側重於通過專有技術和專用運營程序提供無縫的客戶體驗。

In 2022, we expanded the rollout of Tictuk, our conversational commerce and e-commerce platform across our network and finished the year with Tictuk in over 3,200 stores across 49 markets. We processed millions of digital orders in 2022 with Tictuk continuing to prove it can bring in incremental customers and drive digital sales. This is evidenced by the chat ordering launch in KFC Mexico where more than 90% of users who transacted on the chat channel had previously not placed a digital order on other channels. We plan to roll out Tictuk to more than 1,000 new stores in 2023, including its white label e-commerce platform, which went live in Pizza Hut Chile and Taco Bell Canada in Q4 2022.

2022 年，我們在我們的網絡中擴大了 Tictuk 的推出，Tictuk 是我們的對話式商務和電子商務平台，並在 49 個市場的 3,200 多家商店與 Tictuk 一起結束了這一年。我們在 2022 年處理了數百萬個數字訂單，Tictuk 繼續證明它可以帶來增量客戶並推動數字銷售。墨西哥肯德基推出的聊天訂購證明了這一點，在該聊天頻道上進行交易的用戶中有超過 90% 以前沒有在其他渠道下過數字訂單。我們計劃在 2023 年將 Tictuk 推廣到 1,000 多家新店，包括其白標電子商務平台，該平台於 2022 年第四季度在智利必勝客和加拿大塔可鐘上線。

Moving on to our Easy Operations pillar, which centers on the team member and franchise partner experience. The rollout of Dragontail is ramping up in Pizza Hut U.S. with over 450 stores onboarded by the end of 2022 and plans to reach up to 1,000 stores by the end of Q1. Globally, we expect to have Dragontail in over 7,000 stores by the end of 2023. At Pizza Hut U.S., we have completed the integration of 2 major aggregator channels into our point-of-sale system. And at Taco Bell U.S., we have fully integrated our delivery as a service partner into our store's technology system. These integrations are important in helping our team members process delivery orders with new levels of ease.

繼續我們的輕鬆運營支柱，該支柱以團隊成員和特許經營合作夥伴的體驗為中心。 Dragontail 在美國必勝客的推出正在加速，到 2022 年底將有超過 450 家門店入駐，併計劃到第一季度末達到 1,000 家門店。在全球範圍內，我們預計到 2023 年底 Dragontail 將在 7,000 多家商店中使用。在美國必勝客，我們已經完成了將 2 個主要聚合渠道整合到我們的銷售點系統中。在 Taco Bell U.S.，我們已經將我們作為服務合作夥伴的交付完全集成到我們商店的技術系統中。這些集成對於幫助我們的團隊成員更輕鬆地處理交付訂單非常重要。

Lastly, I'll cover our Easy Insights pillar, which leverages the power of data and analytics to allow our teams to make smarter decisions. I want to highlight 2 key initiatives that our Yum! decision sciences team have been working on, namely Recommended Ordering and Cook Schedule. Recommended Ordering is an artificial intelligence, machine learning module that predicts and recommends the quantity of product for a restaurant manager to order each week with the goal of reducing product waste and intra-store transfers of inventory. The product has been rolled out to 3,000 U.S. stores across Taco Bell and KFC. Cook Schedule is a similar module that helps predict the correct amount of food and timing to cook product to accurately meet demand. The team is working primarily with KFC on this initiative with plans to pilot in an international market soon.

最後，我將介紹我們的 Easy Insights 支柱，它利用數據和分析的力量讓我們的團隊做出更明智的決策。我想強調 2 個關鍵舉措，我們的百勝！決策科學團隊一直在研究，即 Recommended Ordering 和 Cook Schedule。 Recommended Ordering 是一種人工智能、機器學習模塊，可以預測和推薦餐廳經理每週訂購的產品數量，以減少產品浪費和店內庫存轉移。該產品已在 Taco Bell 和肯德基的 3,000 家美國商店推出。 Cook Schedule 是一個類似的模塊，可幫助預測正確的食物量和烹飪產品的時間，以準確滿足需求。該團隊主要與肯德基合作開展這項計劃，併計劃很快在國際市場上進行試點。

Finally, I'll provide an update on our balance sheet and liquidity position. Our net leverage ratio ended the year at 5x, including a small balance on our revolving credit facility that was used to support share repurchases in the fourth quarter. We will enter 2023 with no significant maturities until 2026 and approximately 94% of our debt fixed, excluding our revolving credit facility balance. I will reiterate that our capital priorities are guided by maximizing shareholder value. This includes investing in the business, maintaining a resilient balance sheet, offering a competitive dividend and continuously evaluating the optimal use of our excess cash. To that end, I am also pleased to announce that this week, our Board of Directors approved an increased quarterly dividend of $0.605.

最後，我將提供我們資產負債表和流動性狀況的最新情況。我們的淨槓桿比率年底為 5 倍，其中包括用於支持第四季度股票回購的循環信貸額度的小額餘額。我們將進入 2023 年，直到 2026 年沒有重大到期日，我們大約 94% 的債務是固定的，不包括我們的循環信貸額度餘額。我要重申，我們的資本優先事項以股東價值最大化為指導。這包括投資於業務、維持有彈性的資產負債表、提供有競爭力的股息以及持續評估我們過剩現金的最佳使用方式。為此，我也很高興地宣布，本週，我們的董事會批准增加季度股息 0.605 美元。

Our capital expenditures for the quarter, net of refranchising proceeds, were $99 million. Our net capital expenditures for the year came in at $206 million, reflecting $73 million in refranchising proceeds and roughly $279 million in gross CapEx. With regard to our share buyback program, we repurchased 4.1 million shares in the quarter at an average share price of $119 per share, totaling approximately $486 million.

我們本季度的資本支出（扣除重新特許經營收益）為 9900 萬美元。我們今年的淨資本支出為 2.06 億美元，其中反映了 7300 萬美元的重新特許經營收益和大約 2.79 億美元的資本支出總額。關於我們的股票回購計劃，我們在本季度以每股 119 美元的平均股價回購了 410 萬股股票，總計約 4.86 億美元。

For the full year, we repurchased 10 million shares at an average price of $119 per share and totaling $1.2 billion. Overall, we are extremely pleased with these results given the complexities our teams faced. Navigating such challenges with industry-leading performance affirms the confidence we have to deliver our recently raised long-term growth algorithm of 5% unit growth, 7% system sales growth and at least 8% core operating profit growth.

全年，我們以平均每股 119 美元的價格回購了 1000 萬股股票，總計 12 億美元。總的來說，鑑於我們的團隊面臨的複雜性，我們對這些結果感到非常滿意。以行業領先的業績應對這些挑戰，證實了我們有信心實現我們最近提出的 5% 的單位增長、7% 的系統銷售增長和至少 8% 的核心營業利潤增長的長期增長算法。

Looking to 2023, we wanted to provide a few guardrails for modeling purposes. First, we expect to deliver on our long-term growth algorithm with healthy unit growth momentum continuing into 2023. We expect Taco Bell company operated margins to be in line with full year 2022 margins, and we expect our 2023 G&A to be approximately $1.15 billion, in line with the guidance provided at Investor Day. In terms of the shape for the year, the year-over-year growth in G&A will be highest in the first half, largely owing to the timing of our G&A expense plan across the year.

展望 2023 年，我們希望為建模目的提供一些護欄。首先，我們預計到 2023 年，我們的長期增長算法將保持健康的單位增長勢頭。我們預計 Taco Bell 公司的經營利潤率將與 2022 年全年的利潤率保持一致，我們預計 2023 年的 G&A 約為 11.5 億美元，符合投資者日提供的指導。就今年的形狀而言，上半年 G&A 的同比增長將是最高的，這主要是由於我們全年 G&A 費用計劃的時間安排。

Based on rate expectations as of today, we expect our interest expense to be up approximately 10% year-over-year and for our leverage ratio to drift modestly lower in 2023. Finally, we expect our full year tax rate to be 21% to 23%.

根據目前的利率預期，我們預計我們的利息支出將同比增長約 10%，並且我們的槓桿率將在 2023 年小幅下降。最後，我們預計全年稅率為 21% 至23%。

To close, we are extremely proud of the performance of our brands over the past year and look forward with excitement to deliver another year of compelling growth and shareholder value in 2023.

最後，我們對我們品牌在過去一年的表現感到非常自豪，並興奮地期待著在 2023 年實現又一個令人矚目的增長和股東價值的一年。

With that, operator, we are ready to take any questions.

有了這個，接線員，我們準備好回答任何問題。

(Operator Instructions) Our first question comes from David Tarantino of Baird.

（操作員說明）我們的第一個問題來自 Baird 的 David Tarantino。

My question is about the profit outlook for 2023. And I was wondering how you're thinking about the puts and takes related to potential upside or offsetting factors. And in particular, I was curious about the China business. It seems like there's potential for China to recover and be additive to your overall profit algorithm for this year. And I was curious to get your view on whether that would be an upside lever or you would think about potential offsets to that factor for this year.

我的問題是關於 2023 年的利潤前景。我想知道您如何看待與潛在上行或抵消因素相關的看跌期權和看跌期權。尤其是，我對中國業務很好奇。看起來中國有可能複蘇並成為你今年整體利潤算法的補充。我很想知道你對這是否會成為一個上行槓桿的看法，或者你會考慮今年對該因素的潛在抵消。

Yes. David, thanks. Good question. As we look forward to next year and beyond, we're still confident in the future. As we shared at Investor Day with the raised algorithm, we feel confident in the trajectory of the business and nothing has changed in that outlook as we come into 2023. As you mentioned, the China component of our sales, you heard Yum China talk last night about being cautiously optimistic. So we'll continue to work with them. But in the long run, we are very bullish on the China market as it comes out of COVID, but of course, the timing of that is uncertain as they shared on the call last night.

是的。大衛，謝謝。好問題。展望明年及以後，我們對未來仍然充滿信心。正如我們在投資者日分享的提高算法一樣，我們對業務軌跡充滿信心，並且隨著我們進入 2023 年，這一前景沒有任何改變。正如您提到的，我們銷售的中國部分，您最近聽到了百勝中國的談話晚上謹慎樂觀。所以我們會繼續與他們合作。但從長遠來看，隨著 COVID 的出現，我們非常看好中國市場，但當然，正如他們昨晚在電話會議上分享的那樣，時機尚不確定。

Of course, to the extent that we have rebound in that China sales, it does come at a lower royalty rate as you factor that into the plan for the year. The other elements, I think, are in line with the -- with what we shared in the algorithm. You heard the guidance that we shared on G&A for next year. And so our focus is on driving that growth. And of course, every day, it's our mission to come in and over deliver on that algorithm if we can.

當然，就我們在中國的銷售額有所反彈而言，當您將其納入今年的計劃時，它的特許權使用費率確實較低。我認為其他元素與我們在算法中共享的內容一致。您聽到了我們分享的明年 G&A 指南。因此，我們的重點是推動這種增長。當然，每一天，如果可以的話，我們的使命就是參與並超越該算法。

Our next question comes from Dennis Geiger of UBS.

我們的下一個問題來自瑞銀集團的 Dennis Geiger。

Thanks, Chris, for that color on G&A for the year. Helpful. Wondering, David or Chris, if you could speak just a bit more to the strength that you're seeing from a sales momentum perspective globally and the resilience really across the brands in the current macro, and how that guides sort of how you're thinking about 2023 if consumer pressure increases. I mean strength at Taco Bell, KFC non-China, International, Pizza Hut U.S. even momentum building. Just any additional color given the last several month's momentum for how you think about '23, particularly if globally, the macro situation gets worse.

克里斯，謝謝你今年在 G&A 上的那種顏色。有幫助。想知道，大衛或克里斯，你是否可以從全球銷售勢頭的角度多談談你所看到的力量，以及當前宏觀品牌中真正的彈性，以及它如何指導你如何如果消費者壓力增加，考慮 2023 年。我的意思是塔可鐘、肯德基非中國、國際、必勝客美國的實力，甚至是勢頭建設。考慮到過去幾個月你如何看待 23 年的勢頭，任何額外的顏色，特別是如果在全球範圍內，宏觀形勢變得更糟。

Yes. Strength is a good word, Dennis, and it really was widespread, as you mentioned. We feel great about the fact that all of our brands are really on a roll right now. You saw that in the results for the quarter. And the consumer environment, much like my comments last quarter, remains a positive environment for us generally globally. Obviously, there are pockets of challenges when you have things like lockdowns in China last year, but that flips to be a more -- potentially a positive for this year.

是的。力量是個好詞，丹尼斯，正如你提到的，它真的很普遍。我們對我們所有的品牌現在都在蓬勃發展這一事實感到非常高興。您在本季度的結果中看到了這一點。消費者環境，就像我上個季度的評論一樣，在全球範圍內對我們來說仍然是一個積極的環境。顯然，當你去年在中國遇到諸如封鎖之類的事情時，會遇到一些挑戰，但這對今年來說可能是一個更大的積極因素。

But the consumer in the U.S., on the high end, we're actually seeing more frequency from that consumer, and we're seeing possibly driven by a little trade down into our brands, which is all good. And then on the lower end, as I mentioned last quarter, consumers are starting -- there's a little bit more interest in value, which our brands are perfectly positioned to deliver on. You're seeing that with our menu offerings. Taco Bell with the Cravings Menu and $2 burritos, the new Melts product at Pizza Hut, which is screaming value. KFC just rolled out wraps as you guys are probably aware of at a great value price point.

但是美國的消費者，在高端，我們實際上看到該消費者的頻率更高，而且我們看到可能是受到我們品牌的一些交易的推動，這一切都很好。然後在低端，正如我上個季度提到的那樣，消費者開始 - 對價值更感興趣，我們的品牌完全有能力實現這一點。您在我們的菜單產品中看到了這一點。 Taco Bell 的 Cravings 菜單和 2 美元的墨西哥捲餅，這是必勝客的新 Melts 產品，非常超值。肯德基剛剛推出了你們可能知道的包裝，而且價格很實惠。

So I think the environment sets up well for us. From a consumer demand standpoint, more of the same. And then on the labor side, we're seeing an increase in applications, stores returning to their pre-COVID operating hours, which is great that we're able to staff the stores now appropriately. So when you mix it all together, we like the environment we're in. I also saw some data about grocery inflation in December being pretty high. So I think relative to alternatives, we're still a very attractive option.

所以我認為環境適合我們。從消費者需求的角度來看，更多的是相同的。然後在勞動力方面，我們看到應用程序有所增加，商店恢復到 COVID 之前的營業時間，這很好，因為我們現在能夠適當地為商店配備人員。所以當你把它們混合在一起時，我們喜歡我們所處的環境。我還看到一些關於 12 月份雜貨通貨膨脹的數據非常高。所以我認為相對於替代品，我們仍然是一個非常有吸引力的選擇。

Our next question comes from Andrew Charles of Cowen.

我們的下一個問題來自 Cowen 的 Andrew Charles。

Great. David, a little bit of segue to my question. Can you talk about your philosophy for how you plan to balance pricing versus value for Taco Bell U.S. in 2023? If I recall from the Investor Day, you tend to take most of the price on new menu innovation as largely premium. I was wondering for way to perhaps get more aggressive on value, if you need it, while preserving the strong margins the brand has reached. And perhaps you can just remind us as well what was the level of pricing for Taco Bell U.S. in 4Q as well?

偉大的。大衛，對我的問題有點疑問。您能否談談您計劃如何在 2023 年平衡 Taco Bell 美國的定價與價值之間的理念？如果我還記得投資者日的經歷，你往往會將新菜單創新的大部分價格視為溢價。我想知道如何在保持品牌已達到的強勁利潤的同時，在需要時在價值上變得更具侵略性。也許你也可以提醒我們 Taco Bell 美國在第四季度的定價水平是多少？

As far as Taco Bell and the amazing job that they do, segmenting their consumers and providing each consumer what they want. That's what we talked about at Investor Day. And obviously, Taco Bell has some amazing value offerings that have been in their menu now for quite some time, on the Cravings Value Menu. But it doesn't -- it's targeted to a certain set of consumers and halos the entire business. So as the environment gets more competitive, we're already in the value game at Taco Bell, and we're already doing a great job. I don't see us changing anything. Well, we're connecting and we're winning because of value. That's why you saw the great numbers that we just put up in the quarter. But the brand with amazing margins, steady year-over-year, just has all the tools at its disposal to navigate any kind of environment and deliver great margins, great top line sales growth and a great proposition to consumers.

就 Taco Bell 和他們所做的出色工作而言，對消費者進行細分並為每個消費者提供他們想要的東西。這就是我們在投資者日討論的內容。很明顯，Taco Bell 的 Cravings Value Menu 菜單上已經有一些超值優惠了。但事實並非如此——它針對特定的消費者群體並給整個企業蒙上了光環。因此，隨著環境變得更具競爭力，我們已經在 Taco Bell 進行價值遊戲，而且我們已經做得很好。我看不到我們有任何改變。好吧，我們正在建立聯繫，我們因價值而獲勝。這就是為什麼您看到我們剛剛在本季度提供的大量數據。但這個利潤率驚人且逐年穩定的品牌擁有所有可支配的工具，可以駕馭任何類型的環境，並提供高利潤率、高收入銷售增長和對消費者的好建議。

Our next question comes from David Palmer of Evercore.

我們的下一個問題來自 Evercore 的 David Palmer。

Congrats on the very strong unit growth. I wonder how you're thinking about EBIT margin over time. In 2022, it was 32%. And it's been near 35% before, but business mix is always changing. I wonder though, how you think about that margin over time. Do you think you could get back to 35% or so in the next few years? And I'm thinking about certain flow through like a China license fee recovery could be very good incremental margins. And so I'm just wondering how you're thinking about the potential for that EBIT margin.

祝賀非常強勁的單位增長。我想知道你是如何考慮隨著時間的推移息稅前利潤率的。 2022 年為 32%。之前一直接近 35%，但業務組合總是在變化。不過，我想知道，隨著時間的推移，你如何看待這個利潤率。您認為未來幾年可以回到 35% 左右嗎？而且我正在考慮某些流量，例如中國許可費回收可能是非常好的增量利潤率。所以我只是想知道你是如何考慮息稅前利潤率的潛力的。

Yes. Thanks, David. I think in general, we focus on delivering the algorithm and the profit growth that's embedded there. If you think about puts and takes on EBIT margin, obviously, from a core operating profit standpoint, you do have to consider the royalty rate mix. I mentioned earlier, to the extent if any of our lower royalty rate markets were to grow faster than the others, you have to take that into the account in the modeling.

是的。謝謝，大衛。我認為總的來說，我們專注於提供算法和嵌入其中的利潤增長。如果您考慮看跌期權和息稅前利潤率，顯然，從核心運營利潤的角度來看，您確實必須考慮特許權使用費率組合。我之前提到過，如果我們的任何一個使用費率較低的市場比其他市場增長得更快，你必須在建模中考慮到這一點。

We did talk about at Investor Day, our philosophy on G&A and how we're going to have a lower G&A growth rate going into next year than we've had the last few years. So we're going to be managing that carefully in 2023. And then of course, when you go to reported profit -- reported operating profit, you have to take into account FX. And FX was a headwind this past year. Pretty hard to predict. Nobody has the crystal ball on that. I will share that right now, as we look to 2023, FX will continue to be a headwind for us based on our current estimates, primarily in the first half. But we think on a full year basis, our best estimate is between a $30 million to $40 million headwind going into the year. We'll continue to update that as things change. So it's our push to drive the strong profit growth implied in the algorithm, and that's where we're focused.

我們確實在投資者日談到了我們關於 G&A 的理念，以及我們將如何在明年實現比過去幾年更低的 G&A 增長率。因此，我們將在 2023 年對其進行謹慎管理。當然，當您查看報告的利潤時——報告的營業利潤，您必須考慮到外匯。外匯是過去一年的逆風。很難預測。沒有人對此有水晶球。我現在將分享這一點，展望 2023 年，根據我們目前的估計，外匯將繼續對我們構成不利影響，主要是在上半年。但我們認為，從全年來看，我們的最佳估計是今年的阻力在 3000 萬至 4000 萬美元之間。隨著情況的變化，我們將繼續更新。因此，我們推動算法中隱含的強勁利潤增長，這也是我們關注的重點。

Our next question comes from Jon Tower of Citigroup.

我們的下一個問題來自花旗集團的 Jon Tower。

Just 2 quick ones. G&A came in a bit higher than I think guidance had -- or you guys have been targeting for guidance. I just wanted to confirm, maybe there were some one-timers in there. Is there something else that might have hit that line? And then outside of that, we heard from another number of other operators that 2023 started off on some strong footing in the U.S. and frankly, across the globe. So I guess I'm asking if there's any reason to believe that Yum!'s brands wouldn't have been participating in that strength globally.

只有 2 個快速的。 G&A 的收入比我認為的指導要高一些——或者你們一直在瞄準指導。我只是想確認一下，也許裡面有一些一次性的。還有其他東西可能會碰到那條線嗎？除此之外，我們從其他一些運營商那裡聽說，2023 年在美國以及全球範圍內的穩固基礎上開始了。所以我想我是在問是否有任何理由相信百勝集團的品牌不會在全球範圍內參與這種力量。

Yes. First, on G&A in Q4, we had reported G&A of $1.140 billion but that included special expense. We had approximately $20 million in special expense. So we landed broadly in line with our full year plan, a little bit to the high end of our planned range. There were a number of small items, none of them major, but I'll give you 1 example. As we had to split out the Russia business to prepare for sale, we lost some of the fixed cost leverage in our European G&A. But again, going into next year, as I mentioned earlier, the philosophy that we shared at the Investor Day still holds. We are focused on having a lean G&A model while investing in the things that drive long-term growth and health and we'll have a lower G&A growth rate into 2023. In terms of how 2023 is shaping up, as I said earlier, there's nothing that we're seeing at the start of the year that dampens our confidence in delivering our long-term growth algorithm this year and beyond.

是的。首先，在第四季度的 G&A 方面，我們報告的 G&A 為 11.4 億美元，但其中包括特殊費用。我們有大約 2000 萬美元的特殊費用。因此，我們的目標大致符合我們的全年計劃，略高於我們計劃範圍的高端。有一些小項目，沒有一個是主要的，但我會給你舉一個例子。由於我們不得不拆分俄羅斯業務以準備出售，因此我們在歐洲 G&A 中失去了一些固定成本槓桿。但同樣，進入明年，正如我之前提到的，我們在投資者日分享的理念仍然有效。我們專注於擁有精益的 G&A 模型，同時投資於推動長期增長和健康的事物，我們將在 2023 年實現較低的 G&A 增長率。正如我之前所說，就 2023 年的發展而言，有我們在年初看到的任何事情都不會削弱我們對今年及以後實現長期增長算法的信心。

Our next question comes from John Ivankoe of JPMorgan.

我們的下一個問題來自摩根大通的 John Ivankoe。

I was looking for a little bit -- a more detailed color in terms of what's happening at a consumption level in some of your major markets between your dine-in or in-store type of traffic, delivery traffic. Are you actually seeing consumers trade down in your opinion to your brand? Are you seeing your core customers come more often? Is there any slippage at all on the lower income consumer? Just kind of, I guess, a little bit more color in terms of -- I know it's always hard talking about a big global business with 3 and now 4 brands, but if there's anything that you can really provide some more detail in terms of what's going on below what's obviously very good aggregated results.

我一直在尋找一點——更詳細的顏色，關於你的一些主要市場在你的用餐或店內流量類型、送貨流量之間的消費水平上發生的事情。您是否真的看到消費者對您的品牌的看法有所下降？您是否看到您的核心客戶來得更頻繁了？低收入消費者有任何下滑嗎？只是有點，我想，就-我知道談論一個擁有 3 個品牌和現在 4 個品牌的大型全球企業總是很難，但如果有什麼你可以真正提供更多細節顯然非常好的匯總結果下面發生了什麼。

Yes. Thanks, John. It is hard to talk about a business where we have 290 different brand country combinations versus 290 different stores. But in general -- we obviously saw a shift to off-premise consumption during the pandemic. We've seen some of our on-premise consumption come back, but really for none of our brands is back to where we were, which isn't a bad thing given the efficiency of operating an off-premise model. Our ability with new unit development to build slightly smaller stores that are more efficient with better returns for franchisees.

是的。謝謝，約翰。很難談論我們擁有 290 個不同品牌國家/地區組合和 290 家不同商店的業務。但總的來說——我們顯然看到了在大流行期間向場外消費的轉變。我們已經看到我們的一些本地消費恢復了，但實際上我們的品牌都沒有回到原來的水平，考慮到運營非本地模型的效率，這並不是一件壞事。我們有能力開發新的單元來建立更小的商店，這些商店效率更高，並為加盟商帶來更好的回報。

As far as the consumer, I've mentioned this earlier, but I'll -- it does depend -- if we're looking at the U.S. or other developed markets, the environment is still positive, just very similar to what we saw last quarter. We are seeing some increase in our higher-frequency customers -- or higher income customers coming more frequently. And some of that is no doubt due to trade down into our brands. On the lower end, we're not seeing the low-income consumer drop out of our business. What we're seeing is probably a little bit more focus on value, and that's been the trend, that's been continuing throughout 2022 into 2023. And we're there for them with our brands with perfect offerings for them. And in emerging markets, obviously, earlier in the pandemic were a challenge. They've come back now and our emerging developed markets are performing roughly similar around the world.

至於消費者，我之前已經提到過，但我會——這取決於——如果我們關注美國或其他發達市場，環境仍然是積極的，與我們所看到的非常相似上個季度。我們看到我們的高頻客戶有所增加 - 或者更高收入的客戶更頻繁地來訪。其中一些無疑是由於我們品牌的折衷。在低端，我們沒有看到低收入消費者退出我們的業務。我們看到的可能是更注重價值，這一直是趨勢，從 2022 年一直持續到 2023 年。我們為他們提供我們的品牌，為他們提供完美的產品。顯然，在新興市場，大流行初期是一個挑戰。他們現在回來了，我們的新興發達市場在全球的表現大致相似。

Operator, we have time for one more question.

接線員，我們還有時間再問一個問題。

Our final question of today comes from Gregory Francfort of Guggenheim.

我們今天的最後一個問題來自古根海姆的 Gregory Francfort。

I just want to ask about Pizza Hut U.S. I mean it seems like the business has picked up the last few quarters. And I'm curious if you're seeing share gains or increased pricing. Or just -- any thoughts on what's going on there would be helpful.

我只是想問問必勝客美國的情況。我的意思是最近幾個季度業務似乎有所回升。我很好奇你是否看到了股票收益或價格上漲。或者只是——關於那裡正在發生的事情的任何想法都會有所幫助。

Yes. I'm glad you asked about Pizza Hut U.S. We're really proud of what the team is doing and the success they had in the quarter and the momentum they're building in the business. I know the franchisees and the team are working incredibly collaboratively. And I do believe getting share gains in the category and attracting new consumers. They're doing that a couple of different ways. Number one, how they're playing aggregators with the partnerships with the aggregators and how we've integrated into our IT systems, we're seeing a significant lift in our transactions with aggregators. We started the year with about 5 transactions per store through aggregators. Now we're up to close to 50 by the end of the year. That's a massive progress and obviously, helping us access some consumers that weren't using the brand.

是的。我很高興你問及必勝客美國。我們為團隊所做的事情、他們在本季度取得的成功以及他們在業務中建立的勢頭感到非常自豪。我知道加盟商和團隊的合作令人難以置信。而且我確實相信在該類別中獲得份額增長並吸引新的消費者。他們正在以幾種不同的方式做到這一點。第一，他們如何通過與聚合器的合作夥伴關係來扮演聚合器以及我們如何集成到我們的 IT 系統中，我們看到與聚合器的交易有了顯著提升。今年年初，我們通過聚合器在每家商店進行了大約 5 筆交易。現在，到年底我們將接近 50 個。這是一個巨大的進步，顯然，幫助我們接觸到一些沒有使用該品牌的消費者。

But it's also the look tone and feel of the advertising. You'll notice that that's changed. It's a much more modern contemporary approach, which is connecting well with consumers. And then finally, it all comes down to the product. The launch of Melts has been very successful for the brand, attracting younger consumers to different occasions than would traditionally use Pizza Hut. So that all adds up to a very positive story for the Pizza Hut U.S. business. And thank you for the question.

但這也是廣告的外觀基調和感覺。你會注意到那已經改變了。這是一種更現代的現代方法，與消費者建立了良好的聯繫。最後，一切都歸結為產品。 Melts 的推出對該品牌來說非常成功，與傳統上使用必勝客相比，它吸引了年輕消費者參加不同的場合。因此，所有這些都為必勝客美國業務帶來了一個非常積極的故事。謝謝你的問題。

I think with that, we'll wrap it up. And I think the numbers speak for themselves. It was another incredible quarter and wrapping up a great year despite many challenges. I'll point out, we actually closed the year with over 4,500 gross new units being built. Take the 4,100 we built last year, that's 8,600 gross new units. That means 1 out of every 6 locations you see around the world was built in the last 2 years for our brands. I think that shows the momentum that we've got in the business.

我想這樣，我們就可以結束了。我認為這些數字不言自明。儘管面臨許多挑戰，但這是又一個令人難以置信的季度，並結束了偉大的一年。我要指出的是，我們實際上在這一年結束時建造了超過 4,500 個新單位。以我們去年建造的 4,100 輛為例，即 8,600 輛新車。這意味著您在全球看到的每 6 個地點中就有 1 個是在過去 2 年內為我們的品牌建造的。我認為這顯示了我們在業務中的勢頭。

Our Yum China team talked about the great returns they're getting from their new unit development last year, coupled with the top line growth that we're seeing in existing stores, and there's a lot to be excited about as we head into 2023.

我們的百勝中國團隊談到了他們去年從新單位開發中獲得的豐厚回報，以及我們在現有門店中看到的收入增長，在我們進入 2023 年之際，有很多令人興奮的事情。

Thank you for your time today.

謝謝你今天的時間。

Ladies and gentlemen, thank you for joining today's call. You may now disconnect your lines.

女士們，先生們，感謝你們參加今天的電話會議。您現在可以斷開線路。